2 appear for investment fraud

2013-04-23 16:02

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Johannesburg - Two men accused of operating a fake investment scheme have appeared in the Butterworth Magistrate's Court on fraud charges, Eastern Cape police said on Tuesday.

Police spokesperson Jackson Manatha said the director of the scheme, Kwazi Joshua Mpumlwana, and the portfolio manager, Phanuel Tashaya, appeared in court on Monday.

The men, who operated Uphill General Consulting Investment, would appear in court again on Monday when they were expected to apply for bail.

Manatha said the Mthatha commercial crime unit arrested the men on Thursday, after "hundreds of people" complained to police about the scheme.

The fake investment scheme, which apparently began in 2007, targeted pensioners, civil servants, and business people.

"Victims invested huge amounts of money and were promised that their [investments] would double after a period of time, but this was an empty promise as they were not paid their money," Manatha said.

He appealed to others who had invested in the multi-million rand scheme to contact the police.

"This will enable the Asset Forfeiture Unit to process their legal claims."

Read more on:    east london  |  corruption

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